Exhibit 12
STATEMENT RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - REAL ESTATE TRUST ONLY
For the Three Months Ended December 31, | For the Twelve Months Ended September 30, | |||||||||||||||||||||||||||
(Dollars in thousands) | 2004 | 2003 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||||
FIXED CHARGES: (1) | ||||||||||||||||||||||||||||
Interest and debt expense | $ | 13,602 | $ | 12,575 | $ | 60,478 | $ | 50,862 | $ | 51,061 | $ | 51,203 | $ | 47,149 | ||||||||||||||
Ground rent | — | — | — | — | — | — | — | |||||||||||||||||||||
Total fixed charges for ratio | $ | 13,602 | $ | 12,575 | $ | 60,478 | $ | 50,862 | $ | 51,061 | $ | 51,203 | $ | 47,149 | ||||||||||||||
EARNINGS: (1) | ||||||||||||||||||||||||||||
Operating income (loss) | $ | (6,069 | ) | $ | (5,838 | ) | $ | (24,371 | ) | $ | (14,893 | ) | $ | (19,548 | ) | $ | (667 | ) | $ | (4,341 | ) | |||||||
Equity in earnings of unconsolidated entities | (1,749 | ) | (1,932 | ) | (7,788 | ) | (7,248 | ) | (8,811 | ) | (7,169 | ) | (7,291 | ) | ||||||||||||||
Distributions from unconsolidated entities | 3,227 | 3,092 | 12,550 | 12,048 | 11,496 | 10,814 | 10,297 | |||||||||||||||||||||
Capitalized interest | — | — | — | — | (287 | ) | (569 | ) | (1,175 | ) | ||||||||||||||||||
(4,591 | ) | (4,678 | ) | (19,609 | ) | (10,093 | ) | (17,150 | ) | 2,409 | (2,510 | ) | ||||||||||||||||
Total fixed charges for ratio | 13,602 | 12,575 | 60,478 | 50,862 | 51,061 | 51,203 | 47,149 | |||||||||||||||||||||
Total earnings for ratio | $ | 9,011 | $ | 7,897 | $ | 40,869 | $ | 40,769 | $ | 33,911 | $ | 53,612 | $ | 44,639 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | Less than 1 | Less than 1 | Less than 1 | Less than 1 | Less than 1 | 1.05 | x | Less than 1 | ||||||||||||||||||||
Excess (deficiency) of available earnings to fixed charges | $ | (4,591 | ) | $ | (4,678 | ) | $ | (19,609 | ) | $ | (10,093 | ) | $ | (17,150 | ) | $ | 2,409 | $ | (2,510 | ) | ||||||||
(1) | Includes Discontinued Real Estate Operations |
Exhibit 12.1
STATEMENT RE COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS TO FIXED CHARGES
For the Three Months Ended December 31, | For the Twelve Months Ended September 30, | |||||||||||||||||||||||||||
(Dollars in thousands) | 2004 | 2003 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||||
FIXED CHARGES: (1) | ||||||||||||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||
Interest and debt expense | $ | 13,602 | $ | 12,575 | $ | 60,478 | $ | 50,862 | $ | 51,061 | $ | 51,203 | $ | 47,149 | ||||||||||||||
Ground rent | — | — | — | — | — | — | — | |||||||||||||||||||||
Total fixed charges for ratio - real estate | 13,602 | 12,575 | 60,478 | 50,862 | 51,061 | 51,203 | 47,149 | |||||||||||||||||||||
Banking | ||||||||||||||||||||||||||||
Preference security dividend requirements of consolidated subsidiary | 3,846 | 5,095 | 27,989 | 15,000 | 15,000 | 15,000 | 15,000 | |||||||||||||||||||||
Interest expense | 42,217 | 46,436 | 163,022 | 205,479 | 273,186 | 422,744 | 394,400 | |||||||||||||||||||||
Total fixed charges for ratio - total company | $ | 59,665 | $ | 64,106 | $ | 251,489 | $ | 271,341 | $ | 339,247 | $ | 488,947 | $ | 456,549 | ||||||||||||||
EARNINGS: (1) | ||||||||||||||||||||||||||||
Operating income - total company | $ | 63,746 | $ | 25,130 | $ | 206,844 | $ | 131,297 | $ | 84,034 | $ | 94,980 | $ | 69,805 | ||||||||||||||
Equity in earnings of unconsolidated entities | (1,749 | ) | (1,932 | ) | (7,788 | ) | (7,248 | ) | (8,811 | ) | (7,169 | ) | (7,291 | ) | ||||||||||||||
Distributions from unconsolidated entities | 3,227 | 3,092 | 12,550 | 12,048 | 11,496 | 10,814 | 10,297 | |||||||||||||||||||||
Capitalized interest | — | — | — | — | (287 | ) | (569 | ) | (1,175 | ) | ||||||||||||||||||
Preference security dividend requirements of consolidated subsidiary | (3,846 | ) | (5,095 | ) | (27,989 | ) | (15,000 | ) | (15,000 | ) | (15,000 | ) | (15,000 | ) | ||||||||||||||
61,378 | 21,195 | 183,617 | 121,097 | 71,432 | 83,056 | 56,636 | ||||||||||||||||||||||
Total fixed charges for ratio - total company | 59,665 | 64,106 | 251,489 | 271,341 | 339,247 | 488,947 | 456,549 | |||||||||||||||||||||
Total earnings for ratio | $ | 121,043 | $ | 85,301 | $ | 435,106 | $ | 392,438 | $ | 410,679 | $ | 572,003 | $ | 513,185 | ||||||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.03 | x | 1.33 | x | 1.73 | x | 1.45 | x | 1.21 | x | 1.17 | x | 1.12 | x | ||||||||||||||
Excess of available earnings over fixed charges | $ | 61,378 | $ | 21,195 | $ | 183,617 | $ | 121,097 | $ | 71,432 | $ | 83,056 | $ | 56,636 | ||||||||||||||
(1) | Includes Discontinued Real Estate Operations |